Ghana: Radiator Market 2024

Radiator Market Size in Ghana

The Ghanian radiator market declined slightly to $X in 2022, dropping by -2.7% against the previous year. In general, consumption recorded a abrupt setback. Radiator consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Radiator Production in Ghana

In value terms, radiator production dropped modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2018 with an increase of 19%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Radiator Exports

Exports from Ghana

In 2022, shipments abroad of radiators for central heating (not electrically heated) decreased by -1.1% to X tons, falling for the second consecutive year after two years of growth. In general, exports, however, enjoyed significant growth. The growth pace was the most rapid in 2017 when exports increased by 256% against the previous year. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, radiator exports reached $X in 2022. Overall, exports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2017 when exports increased by 319% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire (X tons) was the main destination for radiator exports from Ghana, accounting for a 96% share of total exports. Moreover, radiator exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Burkina Faso (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cote d'Ivoire totaled +50.2%.

In value terms, Cote d'Ivoire ($X) remains the key foreign market for radiators for central heating (not electrically heated) exports from Ghana, comprising 70% of total exports. The second position in the ranking was held by Burkina Faso ($X), with a 23% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Cote d'Ivoire totaled +44.2%.

Export Prices by Country

The average radiator export price stood at $X per ton in 2022, surging by 2.3% against the previous year. Over the period under review, the export price, however, saw a deep slump. The most prominent rate of growth was recorded in 2018 when the average export price increased by 87%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while the average price for exports to Cote d'Ivoire amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Burkina Faso (-3.5%).

Radiator Imports

Imports into Ghana

In 2022, supplies from abroad of radiators for central heating (not electrically heated) increased by 149% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 when imports increased by 289%. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, radiator imports skyrocketed to $X in 2022. In general, imports, however, faced a abrupt decrease. The most prominent rate of growth was recorded in 2017 when imports increased by 359% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Lebanon (X tons), India (X tons) and the United States (X tons) were the main suppliers of radiator imports to Ghana, with a combined 79% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +20.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Lebanon ($X) constituted the largest supplier of radiators for central heating (not electrically heated) to Ghana, comprising 45% of total imports. The second position in the ranking was held by India ($X), with a 22% share of total imports. It was followed by the United States, with a 6.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Lebanon amounted to +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+50.3% per year) and the United States (-21.2% per year).

Import Prices by Country

In 2022, the average radiator import price amounted to $X per ton, surging by 8.3% against the previous year. Overall, the import price saw a tangible expansion. The growth pace was the most rapid in 2020 when the average import price increased by 44%. The import price peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+32.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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